[August 22, 2014]
(Reuters) - A top Federal
Reserve official said on Friday that little slack
remained in the U.S. labor market and that the central
bank should not be too timid when the times comes to
raise interest rates.

St. Louis Fed President James Bullard told CNBC
he argued at a Fed policy meeting in July that the central bank
should not describe underutilization of labor market resources
as "significant," and that there was a risk it could raise rates
too slowly over the next few years.

"If we go very slow, very gradual are we going to get another
housing bubble and a big disaster on our hands?" he said.